A string of industry analysts yesterday upgraded Netflix shares or raised their price targets after the company Wednesday reported better-than-expected quarterly profit and strong subscriber growth around the world.

Shares of the video service skyrocketed 42 percent, representing the largest single-day gain from Netflix, though shares were still trading at just under half their record of more than $300 in July 2011.

Many said Wednesday’s report of an $8 million fourth-quarter profit signaled a turnaround for the company, even though risks remained.

“The worst is behind them,” said Raymond James analyst Aaron Kessler.

“The margins are much better, they are getting better marketing efficiency, the content spend is slowing,” he said.